Mark-to-Market losses on principal-protected debentures are deductible as business expenditure when the obligation is crystallized under mercantile ac...
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Limitation for insolvency appeals runs from the date an NCLAT order is pronounced in open court, and later uploading of the order does not postpone the start of time. Exclusion for time taken to obtain a certified copy was unavailable because there was no showing that the appellants applied for the copy within the limitation period. As the insolvency code is a self-contained statute with only a limited condonable delay of fifteen days beyond the initial period, an appeal filed on the 46th day was beyond the maximum permissible limit and could not be entertained; the delay applications were rejected and both appeals were dismissed as time-barred.
Limitation for insolvency appeals runs from the date an NCLAT order is pronounced in open court, and later uploading of the order does not postpone the start of time. Exclusion for time taken to obtain a certified copy was unavailable because there was no showing that the appellants applied for the copy within the limitation period. As the insolvency code is a self-contained statute with only a limited condonable delay of fifteen days beyond the initial period, an appeal filed on the 46th day was beyond the maximum permissible limit and could not be entertained; the delay applications were rejected and both appeals were dismissed as time-barred.
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